UBS tried to tap leniency programme but Justice Dept refused

Washington

UBS Group, in its bid to escape US criminal charges of manipulating currency markets, turned to "the godfather of leniency". As a Justice Department prosecutor in the early 1990s, Gary Spratling spearheaded a programme that encouraged wrongdoers to admit to collusion to escape prosecution. Now UBS's lawyer, Mr Spratling played the leniency card in an effort to keep the bank from having to take a guilty plea. The plan came up short.

The bank escaped criminal charges this week over currency rigging. Yet its main unit was forced to plead guilty to manipulating interest rates - charges the Justice Department had first levelled against the bank more than two years ago.